North Korea behind Ronin hack: US
The U.S. Federal Bureau of Investigation (FBI) and the Department of the Treasury allege North Korea’s Lazarus Group and APT38 were responsible for stealing cryptocurrencies worth about US$620 million off the Ethereum sidechain Ronin.
See related article: Axie Infinity blockchain Ronin hacked for over $600M
Fast facts
The hack was perpetrated by the Democratic People’s Republic of Korea (DPRK), the FBI said.
The Treasury department added new sanctions against the Ethereum wallet owned by Lazarus Group.
Some 173,600 Ethereum and 25.5 million USDC were robbed when Ronin Network, the Ethereum sidechain that the blockchain-based play-to-earn game Axie Infinity runs on, was breached on March 23.
Ronin is still updating security measures before redeploying the blockchain, which is expected to happen by the end of April.
The DPRK has allegedly been funding its nuclear and ballistic missile programs with cyberattacks on crypto exchanges, Reuters reported.
Hackers backed by the DPRK ’s allegedly stole nearly US$400 million worth of cryptocurrencies last year, according to blockchain data analysis platform Chainalysis.
The FBI established a new unit back in February to combat crimes that exploit blockchain technology and cryptocurrencies.
See related article: Ronin hack proceeds seen headed to Tornado Cash